Asset Planning, Inc Blog

The latest from the team.

Looking for Ways to Donate and Get a Tax Break?

Many times we are asked by our clients about ways they can give back through planned gifting. In our last quarterly newsletter, Carol explained how you can donate part or all of your mandatory IRA distributions (RMD) to a charity of your choice which also reduces your taxable income for the year. Another way of doing this is by setting up a charitable annuity. The way it works is the donor gives a gift to the charity (amounts vary), the donor receives fixed payments for life and the donor is entitled to a federal income tax deduction the year the gift is made. I have included a link to one that is offered through the ASPCA to use as an example but there are many more out there to suit everyone’s unique philanthropic wishes.

https://www.aspca.org/ways-to-give/planned-giving

Continue reading
  324 Hits
324 Hits

Emergency Information Folder

We talk to clients everyday about how important estate planning is and how they should have a trust in place to ensure that their wishes are met after they pass away or become incapacitated. While having a trust set up is great it doesn’t really provide all of the details necessary for a spouse or loved one to take care of the day to day tasks of wrapping up your affairs. It is a really good idea to create an information folder that provides the pertinent details such as account numbers and passwords. This is also valuable to have in case of an emergency such as a car accident or house fire. You can grab this folder and go. Here is a list of information you should have in the folder.

• Assets: checking and investment accounts, private business interests, location of safety deposit boxes, annuities, individual retirement accounts and 401(k)s, trust agreements, real estate, vehicles, collectibles

• Liabilities: credit cards, mortgages, car payments, cell phone bills, other recurring bills • Social media/online accounts: passwords and login information for Facebook, Twitter, Instagram, Pinterest, LinkedIn, Amazon, PayPal, eBay, Netflix, Hulu, iCloud or other cloud storage accounts, online photo storage accounts

• Miscellaneous subscriptions/memberships: airline rewards programs, Sam’s, BJ’s or Costco memberships, toll tag accounts, magazines, newspapers • Insurance: life insurance, long-term care, disability, home, auto

• Home maintenance: water, gas, electricity, telephone, alarm, lawn care, cable television, Internet service • Medical: medical conditions, medications, emergency contacts

• Personal: burial/cremation preferences, funeral plans, pre-paid funeral expenses, birth certificates, marriage certificates, Social Security card

• Key contacts: financial and legal advisors, doctors, family members, close friends

Each person’s folder will require different information but this is a good start and you can customize it as needed. It also may be a good idea to keep a copy of this information in a folder in your email account, that way you only need to have one password to give out and everything is backed up by the cloud.

(This list was compiled from an article on wealthmanagement.com)

Continue reading
  608 Hits
608 Hits

Top Reasons to Set Up a Living Trust

 

Even if you are not super wealthy there are many benefits to setting up a living trust. A living trust is a document set up by an estate attorney to help you manage your assets, including property while you are alive and names a trustee to act on your behalf to carry out your instructions, if you become incapable of caring for yourself or pass away. Here are a few of the top reasons why you should set up a trust.

Avoids Probate- A trust allows your heirs to bypass probate which can be a lengthy process and your estate can be charged up to 5% in probate fees. This can mean a substantial savings in time, legal fees and paperwork.

Protection Against Disputes- Unfortunately there may be someone who is unhappy with the way you have instructed to have your assets distributed. A trust is harder to contest than a will is because they have to be able to prove that you were under undue pressure or influence in setting up the trust which is nearly impossible.

Flexibility- Trusts offer more flexibility in how you can distribute the funds. In the case where you may have minor children you can specify how the money is spent and when they would have full rights to the funds.

Avoids Estate Taxes- A trust can provide a way to avoid or reduce estate taxes because assets and property placed into a trust are not subject to these taxes.

Minimizes Family Conflicts- You can specifically detail exact items and monetary distributions to be given to each beneficiary. This helps to curtail any of the “who gets what” problems that may arise with family members.

Privacy- Trusts, unlike wills, are private because they do not go through probate. This means your assets and who you leave them to are kept private.

Continue reading
  695 Hits
Tags:
695 Hits

Search Blogs Module

Wait a minute, while we are rendering the calendar
wells Fargo Affordable Care Act trust FEMA website Amazon Open Enrollment chip-enabled EMV cards 70 1/2. portal Victor Dergunov insurance policy pet industry Healthcare borrowing money Facebook profile Independence Day spring cleaning emergency folder estate official certification home vision screening https :// 20 year anniversary interest rates fees FSA ice cream event identity thieves summer IRS deadline non-prescripstion sunglasses Medicare question Flexible Spending Account https ://seekingalpha home mortgages 401K Mobile Banking Security Tips Part B July 4 prescription eyeglasses birth certificates information Facebook bottom line ID card Two-Step Verification health care costs “ skimmer ”. increase fun facts asset Planning Retirement Contribution Limits home security tax deadline Wells Fargo employees Fox News story Treasury Department vacation opt-out April 18 2017. 2017 TD Ameritrade National LINC Conference California Lions Friends rescue organizations Legal robocalls National Ice Cream month credit freeze parking spots Medicare Part B executive order Supplemental Security Income Medicare house sitter paperwork clutter notary services privacy settings president Trump retirement plans debt retirement accounts October 1 2020. assets DNA test kits drive /usb clients driver license trustee credit card fraud IRA accounts phishing scams policy flash drive investment statements credit score clients show support retirement planning Social Security Administration CERTIFIED FINANCIAL PLANNER exam disaster areas credit cards padlock account numbers card reader clone counterfeits Shred paperwork 2017 IRA contributions credit card company car loans 4 pm -8pm Wells Fargo customers identity theft money estate planning June 29 privacy notices pet supplies Roth IRA Open House pet memorial Day weekend Brexit vote D premiums 2018 IRA contributions documents Notary Public phishing sites April 15 insurance policies Part D premiums . tax season earthquake app web address Auto insurance client portal gap insurance Puerto Rico VOIP landline phones Orange County retirement 23 andme relief efforts Medicare Part B premiums Social Security consumer spending home break-ins Orange County Superior Court illiegal robocallers Kiplinger Letter emergency kit contribution limit jury duty pets banking Kraig Mathias April 11